Triangle Equities JV Lands $134M for New Jersey Project
The mixed-use development will comprise about 1,000 residences and more than 200,000 square feet of retail.
A joint venture between Triangle Equities and Incline Capital has obtained a $133.5 million financing package for The Crossings at Brick Church Station, a mixed-use development in East Orange, N.J. JLL Capital Markets arranged the deal.
The debt recapitalizes the construction financing for the first phase of the project, which comprises the newly completed, 400-unit Embark at The Crossings and a retail component anchored by ShopRite.
The capital stack consists of a $115 million senior secured bridge loan from funds managed by affiliates of Fortress Investment Group and $16.5 million in LIHTC equity provided by Affordable Equity Partners. Additionally, $2 million in proceeds came from the partial redemption of Redevelopment Area Bonds.
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These funds build on existing commitments for the mixed-use project, including financing from the co-developers, Basis Investment Group, The Urban Investment Group at Goldman Sachs Alternatives, New Jersey Infrastructure Bank, New Jersey Housing & Mortgage Finance Agency and the City of East Orange.
Upon completion, The Crossings at Brick Church Station is set to encompass about 1,000 residences and more than 200,000 square feet of retail space. The project is located within downtown East Orange, about 16 miles from Midtown Manhattan.
A New Jersey mixed-use project
The developers recently started leasing at Embark at The Crossings, the first community within the mixed-use development. The property encompasses studio, one-, two- and three-bedroom floorplans ranging from 398 to 1,073 square feet.
Common-area amenities include a fitness center, courtyard with outdoor gym equipment, grill stations, fire pits and a clubroom with lounge seating. The community also has a private café, dining area, coworking space and a screening room.
JLL Capital Markets Managing Director Geoff Goldstein and Director Gerard Quinn led the debt advisory team that represented the borrower.
